Global Fixed Income Realisation Ltd Share Buyback (3180E)
05 May 2017 - 7:44PM
UK Regulatory
TIDMGFIR
RNS Number : 3180E
Global Fixed Income Realisation Ltd
05 May 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE
REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME
WOULD BE UNLAWFUL.
GLOBAL FIXED INCOME REALISATION LIMITED
SHARE BUYBACK
The board of Global Fixed Income Realisation Limited (the
"Company") announces that it intends on 22 May 2017 to distribute
the Company's capital deemed surplus to working capital
requirements by exercising the Company's authority to buy back for
cancellation up to 3,566,000 ordinary shares of nil par value in
the capital of the Company (the "Shares") at a purchase price of
14p per Share (the "Buyback").
Qualified Investors (as defined in section 86(7) of the
Financial Services and Markets Act 2000 (as amended)) are invited
to apply to participate in the Buyback by contacting Numis
Securities Limited ("Numis") on the contact details below, as soon
as possible and no later than 4pm on 19 May 2017:
Sales: Justin Bell / Tod Davis, tel. + 44 (0) 20 7260
1380/1381
Corporate: Nathan Brown / David Benda, tel. +44 (0) 20 7260
1426/1275
Requests to participate in the Buyback may be subject to scaling
back at the absolute discretion of the Company and Numis. It is
intended that Shareholders will be able to participate in the
Buyback pro rata to their current holding of Shares, save that it
is intended that orders will be satisified in full from any
Qualified Investors requesting participation in the Buyback on
behalf of underlying investors holding less than 50,000 Shares.
The Buyback is subject to the requirement of the 2016 AGM
authority that any buyback be made at a price not more than 105% of
the average market price of the Shares for the five business days
preceding the date of repurchase. If the 14p Buyback price stated
above does not meet this requirement, the Buyback will be executed
at the price representing 105% of the average market price of the
shares for the five business days preceding the date of
repurchase.
Shareholders considering participation in the Buyback should
also be aware that:
-- The intended Buyback price of 14p represents a discount of
64.6% to the latest published NAV per Share, being 39.52p as at 31
March 2017;
-- The Company's announcement of the NAV per Share as at 31
March 2017 included the following statement:
"The Company has previously reported that the manager of one of
its investments has been engaged in a sales process on its
remaining assets. The Company has subsequently been notified by the
manager that progress has been made on the sales process and that
they expect that all investors who wish to sell their interest will
be able to do so. However, a transaction is still subject to
additional due diligence by the chosen buyer and no timeline has
been provided."
-- On 27 April 2017 the Company convened its 2017 AGM at which
renewals of the Company's share buyback and tender authorities will
be proposed and that both authorities provide the Board with
discretion to repurchase Shares in the future at prices closer to
NAV than is the case for the Buyback. However, the Board confirms
that, until material additional cash has been realised from the
portfolio, it has no current intention of implementing any further
returns of capital through further Share buybacks or otherwise.
In the event that the Company repurchases the full number of
Shares through the Buyback, the Board estimates that the NAV per
remaining Share will increase by approximately 6.5%.
The Company will announce the result of the Buyback on due
course.
Enquiries
Numis Securities Limited
Nathan Brown, Corporate Broking and Advisory
Tel. +44 (0) 20 7260 1426
Email: n.brown@numis.com
Praxis Fund Services Limited
Tel. +44 (0)1481 737 600
Notes
Numis Securities Limited is acting only for the Company in
connection with the matters described in this announcement and is
not acting for or advising any other person, or treating any other
person as its client, in relation thereto and will not be
responsible for providing the regulatory protection afforded to
clients of Numis Securities Limited or advice to any other person
in relation to the matters contained herein.
This announcement has been issued through the Companies
Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ISESSFSUIFWSELI
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